A robust total rewards program helps you attract and retain the best possible talent for your organization. Add a great workplace culture and environment and you could be on your way to becoming an employer of choice among job-seekers.
A total rewards program is comprised of all the tools available to an employer that may be used to attract, motivate and retain employees. To an employee or candidate seeking new employment, total rewards represents the perceived value as a result of the employment relationship. A well-structured total rewards program offers intrinsic and extrinsic incentives, including:
However, the playing field has changed with the COVID-19 pandemic.
We’ve gone from record employment to record unemployment. That should make it easier to recruit top talent, right? It might—but only if your benefits are up to the challenge.
First, confirm that your pay and benefits are competitive. Compensation is the first step in preparing a comprehensive total rewards program; however, it is not the whole picture when it comes to winning those all-star candidates.
According to Deloitte’s 2019 Global Human Capital Trends survey, perks and pay aren’t what matter most to many employees—it’s personalized rewards that help meet their needs. Furthermore, only 11% of companies in Deloitte’s survey felt their rewards strategy was highly aligned with their organization’s goals.
What does this mean for you? You might have some gaps to fill between the components of your total rewards program and employees’ needs. And since the survey was conducted in 2019 before COVID-19 appeared, your future employees’, and thus applicants’, needs are evolving.
Here are five important benefits you might want to include in your total rewards program during this work from home (WFH) new normal:
If there are opportunities for improvement, work with your HR and benefits teams to discuss ways to adjust benefits within the program. It will take some planning, but it could be worth the effort if it means being the employer of choice for top talent. In considering changes:
Top job seekers are not looking for only a good salary but also excellent benefits. To recruit the best, you have to be the best, and part of that is having an outstanding total rewards program.
 Deloitte Insights, “Employee Rewards: What Do Employees Value Most?” 2019.
 Kathryn Mayer, Human Resource Executive, “8 benefits employers should zero in on during the COVID-19 pandemic,” March 24, 2020.
 U.S. Bureau of Labor Statistics. “Private industry workers with sick leave benefits received 8 days per year at 20 years of service,” March 8, 2019.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a registered Broker/Dealer and Investment Advisor, member FINRA/SIPC. LoVasco Consulting Group is independently owned and operated.
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